Pirates to sign Colton Cain

UPDATE 6:24 PM: Jennifer Langosch is reporting that a source close to the negotiations says Cain signed for $1.15 M. The Draft Pick Signing Tracker is updated with the new bonus figures, putting the Pirates at just over $6.2 M spent so far.

UPDATE 1:44 PM Friday: Jonathan Mayo is reporting that Cain is set to receive a seven figure signing bonus. That’s pretty impressive. I broke down the 2008 draft spending last month, showing the significant above slot signings after the third round. Only six players received seven figures after the third round in 2008, and only one player received seven figures after the seventh round. I’m waiting to find out what the exact signing figure is before updating the Draft Pick Signing Tracker. At the least, this will put the Pirates in first place in total spending in the top ten rounds so far for the 2009 draft.

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According to Chuck Finder on the PBC Blog, the Pittsburgh Pirates are set to sign 8th round pick Colton “Billy” Cain tomorrow, pending the results of a physical. Cain would be the 19th player to sign from the 2009 draft, and one of the biggest players to sign. I’ve updated the Draft Pick Signing Tracker with the signing. No bonus information yet, but I’ll update this post when I find that out.

Here is what I wrote about Cain on my day two recap of the draft:

Cain was ranked 109 by Baseball America. He is 6’3″, 225 pounds, throws in the low 90s, and touches 94. He posted a 2.17 ERA and a 118:18 K/BB ratio in 58 IP this year. He reportedly wants a seven figure bonus. He has committed to Texas as a two way player. He is also a power hitting first baseman.

Cain also had the second best K/BB ratio amongst all pitchers in Baseball America’s top 200 last year. This is the second year in a row we’ve stolen a top prospect from the University of Texas, after signing Robbie Grossman last year. My guess is that Cain will be a pitcher in the minors for the Pirates, since the focus of the 2009 draft was to load up on high school arms. Great signing for the Pirates.